Judgment of the Settlement Tribunal approving a joint application by the Class Representative and the Defendant for a collective settlement approval order on a drop hands basis.
The settlement does not provide for any payment of damages, costs or other sums. Instead:
(1) no damages are payable to the class;
(2) each party will bear its own costs of the proceedings and of the settlement application; and
(3) the Proceedings will be brought to an end, with the Class Representative releasing the claims pursued in the proceedings as narrowed in the revised Settlement Agreement approved by the Tribunal.
The Settlement Tribunal was ultimately satisfied that, although the settlement provides no monetary recovery for the class, its terms are just and reasonable in all the circumstances. In particular, the Tribunal considered that, by the conclusion of Trial 1, the Class Representative no longer had a realistic prospect of success, and that the revised Settlement Agreement appropriately confined the scope of the claims being released.
